"Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed."
"You must never delude yourself into thinking that you're investing when you're speculating."
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Source: Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.46, Harper Collins
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